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October 1, 2008

Ties with Canada help insulate North Country from economic woes

Quebec trade shields region from despair, experts say

By DAN HEATH

PLATTSBURGH -- Strong trade between Quebec and New York has somewhat protected the North Country from national and state economic issues.

Plattsburgh-North Country Chamber of Commerce President Garry Douglas said Tuesday's visit by Quebec Delegate General Robert Keating was an opportunity to focus on factors that help insulate the North Country from turmoil in the U.S. financial system.

BAILOUT

Douglas said he was appalled Monday, not necessarily because Congress rejected the $700 billion economic bailout but because leaders almost immediately left Washington after the vote.

The main factor that's working for the North Country -- the economic relationship with Canada and Quebec -- will continue as long as local leaders still focus on it, Douglas said.

"It's been working for us, working for our neighbors to the north and for our neighbors to the south, although not on as large a scale. Let's turn down the doom and gloom and turn up the optimism."

ECONOMIC LINKS

Keating, based in New York City, said his office watches what is happening on Wall Street closely because of the huge trade relationship between the two countries.

Trade between the United States and Canada totals about $700 billion annually, making them "the largest trading partners in the world," Keating said.

Also, New York remains Quebec's No. 1 trade partner, with about $10 billion in trade between the two entities annually. Keating said Quebec exports 75 percent of its products to the United States, which includes about 35 percent to the mid-Atlantic states.

The effect of the economic problems is lessened in Quebec and Canada because no sub-prime mortgage crisis exists there, he said. That will allow the province to spend $30 billion on new roads, schools and hospitals within the next five years.

Hydro-Quebec will also spend $30 billion during that time, he said. Electric power continues to be one of the province's largest exports to the United States.

SUMMIT COMING UP

A key part of the strong relationship has been the series of Quebec-New York Economic Summits, which started in 2001 in Plattsburgh. Douglas said these are more successful than similar events elsewhere because the partners move initiatives forward during the two years between summits.

The fourth Quebec-New York Economic Summit, to be held Nov. 17 in Montreal, will emphasize using green technology in developing the corridor, which runs from Quebec City through Montreal, Plattsburgh and Albany to New York City.

That corridor bisects the world's richest marketplace, Douglas said.

"It is still the place everybody wants to do business."

Douglas said he believes a large investment in mass transit will be part of the green initiative. He said people who complain that money only goes to places with mass-transit systems miss this region's position.

"Where does all that equipment get made, get serviced? In places like Plattsburgh."

The summit will include a report on the Port of Excellence, what determines a green corridor. Panel discussions on environmental developments in transportation, businesses, energy and finance are planned.

A networking lunch will allow discussions between companies at tables dedicated to specific themes.

The North Country -- especially the chamber -- gained credibility in Quebec and Canada when it was able to advocate for and deliver the $100 million-plus Port of Excellence border crossing on Interstate 87 in Champlain. Keating took time to thank the chamber and Douglas for those efforts.

"There is no more trade without security," he said. "Everything is different since 9/11. Everybody realizes this."

That crossing is now open and capable of delivering a 40-percent increase in traffic.

"They (Canada and Quebec) now have the premier gateway to the U.S. market," Douglas said.

dheath@pressrepublican.com

ECONOMIC SUMMIT
For more information about the fourth Quebec-New York Economic Summit, including online registration, visit www.corridors.ca.

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Ties with Canada help insulate North Country from economic woes
by By DAN HEATH , , Wed Oct 01, 2008, 12:00 AM EDT
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